REPORTING SEASON: AGL Ltd (AGK)
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Figure 1: AGK 12 month chart
Integrated energy company, AGL Energy (AGK) issued a $598m underlying profit for FY13; largely in line with market expectations.
The result was driven by the successful integration of its recently acquired Loy Yang power station in VIC.
The brown coal fired facility produces close to a third of VIC’s electricity needs. A significant $343.7m write-down of its NSW coal-seam gas assets held back the NPAT result.
Uncertainty relating to potential changes in government policy could substantially reduce its coal-seam assets.
A lower contribution from its merchant energy unit & increased corporate costs also held back earnings.
The full year distribution (interim + final dividend) of $0.63ps was in line with expectations.